What Do You Know About the $1B Global Text Analytics Market?

If you’re reading CMSWire, you’re either a text analytics user or you should be. So that means you can help with a study I’m conducting.

Text analytics involves extracting business value from written words – from texts, tweets and blogs to things like customer contact center notes and corporate document archives.
The Value of Words

The term is roughly synonymous with text mining and closely aligned with its more sophisticated cousins, content analytics and semantic analysis. All of that data is big, unstructured and messy, and generally relies on Natural Language Processing (NLP) technologies to extract the information.

By using NLP technologies, we can transform target documents into collections of concepts, which are described using terms discovered within the texts.

Back in 2011, I estimated the value of the global text analytics market at more than $1 billion. It’s even bigger now, based on its rapid growth.